Taqa Morocco plans to develop 6 GW in renewables to power USD 10 bn green hydrogen project

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WHAT WE’RE TRACKING TODAY

TODAY: Adani Green is raising USD 1.1 bn for renewables expansion + Jordan plans maiden sovereign green bond issuance for next year

Good morning, friends. Today is the last time Enterprise Climate will be in your inboxes in 2023, as we dive headlong into the New Year’s weekend. We’ll be off starting from tomorrow until Monday, 1 January, and will be back in your inboxes at the usual time on Tuesday, 2 January. Until then: Happy New Year and we hope you all have a restful start to 2024.

We have a short, tight issue to send you off with — let’s jump right in.

THE BIG CLIMATE STORY OUTSIDE THE REGION- India’s Adani Green plans to raise USD 1.1 bn to fuel its planned renewables expansion: Indian renewable energy giant Adani Green’s board approved yesterday investments up to INR 93.5 bn (c. USD 1.12 bn) over the next five years in a bid to reduce the company’s debt and realize its target of upping its clean energy generation capacity fivefold to 45 GW by 2030. The company will issue 63.1 mn share warrants to its founders at INR 1.481k apiece, with an option to convert each warrant into a single equity share. The company’s shares rose 4.4% on news of its investment plan.

Adani has been making moves: Earlier this week, the company signed a power purchase agreement with the Solar Energy Corporation of India (SECI), agreeing to supply SECI with 1.79 GW of solar power as part of wider 8 GW tender Adani had secured in 2020. Adani Green has raised USD 3 bn so far, and its parent company Adani Group plans to invest USD 100 bn over the next decade as part of its 2050 net-zero target.

The story made headlines in the international press:Bloomberg | Reuters | CNBC

WATCH THIS SPACE #1- Jordan plans to issue its first sovereign green bond in 2024, Al Mamlaka reports, citing a World Bank document reviewing the lender’s Climate Responsive and Inclusive Investments Program (CRIIP) with Jordan. The date and value of the issuance are yet to be disclosed.

REMEMBER- A Jordan bank issued USD 50 mn in green bonds earlier this year: In March, the World Bank’s International Finance Corporation (IFC) helped Jordan Kuwait Bank issue USD 50 mn worth of five-year green bonds, IFC’S Global Director for Climate Business Jamie Fergusson told Enterprise Climate earlier this month. The proceeds of the issuance were earmarked for the development of energy-efficient buildings, renewable energy plants, and electric vehicle projects in the country.

ALSO- CRIIP is extended until 2028: The World Bank approved an amendment and extension of its CRIIP program to 2028, the document seen by Al Mamlaka disclosed. The program — which supports Jordan’s goals of boosting the share of renewables in the country’s energy mix — received a total of USD 1.15 bn in financing from the World Bank and the Asian Infrastructure Investment Bank.

WATCH THIS SPACE #2- Mercedes is going all-electric in Egypt by 2025: German automaker Mercedes-Benz plans to offer all-electric alternatives to all the combustion engine models it has on offer in Egypt by 2025 before fully phasing out petrol vehicles in the country by 2030, Al Masry Al Youm reports, quoting the company as saying.

REMEMBER- Benz has been making moves in the MENA region this year: Last month, Mercedes released a range of EVs in Egypt, including the sedan, AMG sedan, and SUV versions of its EQS and EQE models. Other electric cars that will drop in Egypt’s market include the EQB and the EQA. Across the pond in KSA, the Germany company debuted its first battery-electric truck, the eActros 300 L 4×2, back in October. Mercedes has committed to halt manufacturing of new gasoline and diesel-powered vehicles by 2040 worldwide, and by 2035 in developed economies.

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CIRCLE YOUR CALENDAR-

Qatar will host The International Conference on Smart Grid and Renewable Energy is kicking off Tuesday, 9 January through to Friday, 12 January in Doha. The conference will explore the importance of the smart grid and renewable energy resources and the viability of various related technologies. It will also host discussions on power electronics, controls, manufacturing, communications and computational intelligence.

Saudi Arabia will host the Future Minerals Forum from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring nations and private sectors together to enable the creation of resilient mineral value chains in the resource rich regions of Africa, Western Asia, and Central Asia. The forum will hold a ministerial roundtable with over 60 countries being represented., and delegates will discuss global critical mineral strategies as well as an international exhibition with over 150 exhibitors and industry sponsors.

The UAE will host the Management and Sustainability of Water Resources Conference from Monday, 26 February to Wednesday 28 February in Dubai.The conference is set to address the importance of water resources availability in arid and semiarid regions and to discuss global water issues and address future water and environmental challenges.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Taqa Morocco plans 6 GW renewables farm for green hydrogen project

Taqa Morocco will develop a 6 GW renewables plant to power a USD 10 bn green hydrogen project: Taqa Morocco — a subsidiary of Abu Dhabi National Energy Company (Taqa) — is looking to develop a 6 GW renewables farm to power a planned MAD 100 bn (c.USD 10 bn) green hydrogen project in the North African country, a company representative familiar with the matter told Asharq Business. If the project moves forward — pending announcement of the country’s awaited green hydrogen strategy — the plant will be Morocco’s largest renewables energy station yet.

What we know so far: Taqa Morocco has already finalized a land allocation agreement with the government, securing 70k hectares in Morocco’s Dakhla-Oued El-Dahab (Dakhla-Valley of Gold) region for its planned project, and says the renewables venture, slated to become operational in a maximum of 10-15 years, will mark the highest ever investment for a clean energy project in the kingdom.

Part of Taqa’s wider decarbonization targets: Taqa Morocco had previously set a target to allocate MAD 3.3 bn (c. USD 320 mn) to develop renewable energy projects in the country yielding an expected 200 MW by 2025. The company plans to invest USD 1.6 bn in renewable energy projects by 2030, Taqa’s CEO Majid Iraqui said back in March. Taqa Morocco sources about 40% of Morocco’s electricity demands from coal production but is looking to halve its coal reliance by 2035.

ALSO- Other developers are eying Dakhla-Valley of Gold for green energy projects too: Developers have been flocking to Morocco’s clean energy sector, signaling an interest to develop several renewables projects with a combined MAD 220 bn investment ticket, an Investment Ministry representative told Asharq Business, without naming the companies. The firms secured plots of land for their projects this year and in 2022, with plans to later establish green hydrogen and ammonia projects in the country.

BUT- Dakhla-Gold Valley is in the disputed Western Sahara region, and companies may face issues exporting: The EU said that it would not import energy from the Western Sahara — where Dakhla city is located — due to the disputed status of the territory, which it recognizes as separate from Morocco under international law. Last month, NGO Western Sahara Resource Watch found that around 81% of the allocated land for projects to be developed in 2024 is located in the contested Western Sahara.

UAE’s greentech startup Solumar wins Sharjah Advanced Industry Accelerator program

UAE-based greentech startup comes out on top in Sharjah’s global accelerator: UAE-based greentech startup Solumar has won this year’s Sharjah Advanced Industry Accelerator for developing a cost-efficient system for capturing and utilizing black carbon and CO2 from various emitting sources, Wam reports. The accelerator program — organized by the Sharjah Research Technology and Innovation Park — focuses on a number of green and clean energy industries including renewables, waste-to-energy, biofuels, green building, smart grids, agritech, amongst others.

About Solumar’s tech: The startup developsexhaust gas filtering technology that significantly reduces emissions (including particulate matter, volatile organic compounds, and greenhouse gasses) by 92-99%. The filter is compact and adaptable, allowing it to fit a diverse range of emitting sources regardless of size, type, and airflow, according to its website. The tech turns the collected pollutants into reusable carbon powder that can be sold at USD 3k per ton, introducing a new revenue stream for companies who implement the new tech, a press release stated.

Solumar is the first to collect black carbon and CO2 at the same time: The hardware embedded into the product — which is the first of its kind to be able to simultaneously collect black carbon and CO2 — is based on a unique combination of consecutive air, water, and energy vortexes, and a molecule cage with nano-material coating, to capture both the gasses and chemical molecules.

Another UAE startup made it to the final stage of the accelerator: UAE-based startup Sukoon Agricultural Services was another finalist in the Sharjah accelerator. The firm seeks to equip local farmers with modern tech and provide knowledge sharing platforms that can help farmers improve their productivity and sustainable practices, according to their website. Sukoon’s products take into account the challenges posed by the region’s arid conditions and the impact of climate change by combining AI-driven insights and an e-commerce platform with sustainable hydroponic systems.

Solumar beat out eight international finalists from across the world: Eight international startups from India, Brazil, France, China, and Italy made it to the final of the accelerator, collectively raising over AED 100 mn (c. USD 27.2 mn), according to the press release. The startups selected were Landprint, a Brazilian platform offering advanced tech for regenerative land use in the agriculture sector; EyeROV, an Indian marine robotics company; Namla, a French provider of a Cloud Edge infrastructure management platform; RIS3D, a Brazilian company that offers industry 4.0 tech solutions; To Move, an Italian company that provides last-mile mobility solutions for eco-friendly urban transportation; AAKRI, an Indian waste management company; Go Additive, an Italian startup that provides AI optimization tools and digital manufacturing solutions; and Phabuilder Biotechnology, a Chinese synthetic biotech company.

GMC’s Hummer EVs will hit Saudi roads next year

KSA’s Altawkilat to roll out GMC Hummer EVs in Saudi next year: KSA automotive company Altawkilat showcased SUV and sports utility truck (SUT) models of GMC’s Hummer EVs at its showroom in Jeddah on Tuesday, with plans to roll out the vehicles in 2024, according to a company statement. GMC has three Hummer models on offer, the EV2X +, the EV3X+, and the Hummer EV1 +. The starting price for the base model of the EV2X is USD 96.5k, while the EV3X’s base model retails for USD 104.6k, and EV1+ will set you back USD 108.7k, the company notes.

The specs: GMC Hummer EVs pack three electric motors, giving the SUT models 1k horsepower (HP) and 15.6k newton meters of torque, the statement notes. The SUV model has 830 HP with 15.59k NM of torque. The Hummer EV is available with two battery sizes, with the standard 20-module battery pack providing an estimated driving range of 311 miles (c.500 km) for the EV2X model and 314 miles (c.505 km) for the EV3X, Car and Driver writes. The EV3X’s battery capacity can be expanded to incorporate a 24-module battery that GMC says can extend the drive range to 381 miles (c.613 km).

Charging speed: While Hummer EVs reach a charging rate peak of 287 kWs while connected to a DC fast-chargers, the cars usually averaged 98 kW, Car and Driver notes, adding that DC plugins charge the EVs from 10% to 90% in about two hours.

Rock crawling and off-road driving made easier:The EVs Extract Mode can elevate the chassis approximately 6 inches (c. 15 cms) to help overcome boulders, standing water, and other obstacles, GMC notes. GMC’s CrabWalk setting also allows the rear wheels to turn in the same direction as the front allowing the car to drive diagonally at low speeds to traverse tight trails, the company notes. The EVs are also kitted with 18 camera views on the pickup and up to 17 on the SUV — including waterproof underbody front- and rear-facing cameras — to provide real-time vision of the terrain under the models. The Hummer is equipped with an e4WD torque vectoring system, which GMC says enhances maneuverability and traction over challenging terrains, including climbing 60% grades, and scaling 18 inch (c. 46 cm) verticals.

GMC has big EV ambitions: GMC’s parent company General Motors has set a target to produce one mn EVs annually by 2025.

China’s Yingli to supply Acwa Power with PV panels. UAE-based SunMoney launches app for solar energy investments. Kuwait’s Agility joins companies pledging net-zero.

China’s Yingli Solar to supply the 1.25 GW Saad 2 solar project with panels:Chinese green energy company Yingli Solar signed an agreement to supply Acwa Power's 1.25 GW Saad 2 solar project with solar panels, according to a statement. Yingli will provide their Panda N-type TOPCon photovoltaic (PV) modules. Yingli also partnered with Acwa on the 575 MW Ibri 2 project in Oman which was inaugurated in January last year.

About the project: The 1.25 GW Saad 2 PV plant (previously announced with a capacity of 1.12 GW) is one of three projects under development under Acwa Power and PIF’s Badeel's power purchase agreements with the Saudi Power Procurement Company to generate 4.5 GW of renewables. The USD 3.25 bn project also includes the 2 GW Ar Rass 2 solar farm and the 1.42 Al Kahfah solar project.

SunMoney launches app to facilitate investments in small-scale solar plants:UAE-based, German run SunMoney Solar Group — which operates the world’s largest community solar power program — launched its app SolarMoney360 to allow small private investors to fund solar projects, according to a statement. The Group already has an established pool of solar plants which investors can put their money in for a monthly return on their investment, the company website notes.

There’s more: The app will also reward users with renewable energy and sustainability-related incentives, such as receiving SunMoney’s Smart Digital Business Network (SDBN) tokens and eSolar Packages, which encourage further investments into solar energy. SDBN is an artificial intelligence-enabled online sales system, which has facilitated the sale of 8k tokens with a face value of USD 4 mn.

About the group: SunMoney Solar is a group of international companies building, operating and acquiring solar power plants in Central Eastern Europe (CEE). The company has offices in Germany, Hungary and Singapore and partner offices in Asia and the Americas. UAE’s Mashreq bank is amongst the Group’s partners, according to the website.

Kuwait’s logistics giant Agility joins MENA companies pledging net-zero:Kuwait-based supply chain services and infrastructure company Agility signed the World Economic Forum’s joint communique published during COP28 with the aim to drive organizations to net zero and deliver near-term emission reductions, according to a statement.

12 other regional mega corporations have signed the pledge too: The regional companies that have so far signed the pledge include: Acwa Power, Crescent Petroleum, e&, Emirates NDB, First Abu Dhabi Bank, Gulf International Bank, Investcorp, Majid Al Futtaim Holding, Siemens UAE, Siemens Middle East, Abu Dhabi National Energy Company (Taqa), Lamar Holding, and Oman Global Logistics Group. The companies together represent 7% of the region’s current emissions.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Kadmar International expands its green hub in Egypt: Egypt's logistics company Kadmar International completed the second phase of its green hub located in Ain Sokhna. The new phase — includes warehouses and container yards — added another 22 sqm to the green hub, bringing it to an area of 45k sqm powered by solar energy. The capacity of the renewables stations were not disclosed. (Al Mal)
Turkish automaker Karsan secures EUR 35 mn from IFC to boost EVs: The International Finance Corporation (IFC) is investing EUR 35 mn in Turkish carmaker Karsan to expand EV production. This collaboration also aims to position Turkey as an EV regional hub through boosting exports and promoting green mobility. (Statement)
Etihad + Emarat partner on EV charging stations: UAE's Etihad Water and Electricity signed an agreement with the Emirates General Petroleum Corporation (Emarat) to install fast charging stations for electric vehicles at some of Emarat’s station sites. (Statement)
Dubai to collect + recycle 3 mn plastic bottles: Dubai Municipality has launched an initiative to collect and recycle 3 mn plastic packaging units — equivalent to 60 tons of PET plastic — in a move that will offset the 102 tons of CO2 emissions. The recycled plastic will be used to manufacture uniforms for municipal sanitation workers. (Statement)
Empower talks global expansion + energy efficiency with US association:UAE’s district cooling company Emirates Central Cooling Corporation (Empower) and the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) discussed plans for expanding the district cooling industry globally while boosting energy efficiency. The two are planning to finalize an agreement on standardizing the District Cooling Guide in January. (Statement)

CALENDAR

DECEMBER 2023

26-27 December (Tuesday-Wednesday): International Conference on Environmental, Food, Agriculture and Bio-Technology, Dubai, UAE.

JANUARY 2024

8-10 January (Monday- Wednesday): International Conference on Smart Grid and Renewable Energy, Doha, Qatar.

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

20-24 January (Saturday- Wednesday): ASHRAE Winter Conference, Illinois, USA.

FEBRUARY 2024

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Dubai, UAE.

MARCH 2024

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh, Saudi Arabia.

APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai, UAE.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

30 April-2 May (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

MAY 2024

7-9 May (Tuesday-Thursday): Global Waste Forum, Algiers, Algeria.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh, KSA.

JUNE 2024

5 June (Wednesday): World Environment Day, Saudi Arabia.

OCTOBER 2024

15-17 October (Tuesday-Thursday): EV Auto Show, Riyadh, KSA.

DECEMBER 2024

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nation Convention to Combat Desertification, Riyadh, KSA.

EVENTS WITH NO SET DATE

2024

Early 2024: The 2023 US Algeria Energy Forum, Washington DC, USA.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Dubai, UAE.

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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